A Massive Bitcoin Reserve Could Be Coming to One of the World’s Largest Economies – Proposal to Buy 1 Million BTC Within 5 Years

The Brazilian House of Representatives have also launched a major cryptocurrency initiative within the country’s largest cryptocurrency program, i.e. A similar text to bill PL4501/2024, presented by the House’s Economic Development Commission, proposes creating a “National Bitcoin Strategic Reserve” (RESBit)?

Under the plan, “the Brazilian government wants to gradually accumulate at least 1 million BTC in just five years,” the proposal says. It is said that this step will be designed to strengthen the country’s financial resilience, ensure reserve diversification and enhance its global competitiveness in the digital asset ecosystem.

RESBit will be described as “a strategic asset that is an alternative or complement to traditional foreign exchange and gold reserves” (e.g.

The alternative proposal aims not only to create a reserve but also to broadly support the crypto ecosystem. Accordingly:

• The proposal envisages allowing tax payments using Bitcoin.
• Plans are underway to provide income tax exemption for capital gains from digital assets.
• The proposal calls for the legal guarantee of basic digital property rights to users, including the right to store their assets and the freedom to free transfer.

Brazil, according to it, would be “the beginning of a new age in state-level Bitcoin accumulation” in Latin America when such’state-of-the-art reserve step’ is taken. Although it’s already pending committee level, the bill has to go through the approval processes of the House of Representatives and the Senate to become law.

*This is not investment advice.

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